Moody’s downgrades Mississippi county’s bond rating

JACKSON, Miss. (AP) - Moody’s Investors Service has downgraded the bond rating of a Mississippi county for below average financial reserves.

The Clarion-Ledger reports Moody’s downgraded Hinds County’s bond rating from Aa2 to Aa3, which affects approximately $40 million in outstanding debt. The downgrade means the county has to pay more to refinance bonds or borrow money.

Moody’s report says the county’s large tax base and institutional presence of the state capital are strengths for the county, but challenges include structurally imbalanced budgets that place pressure on reserves.

Last year, Moody’s downgraded the city of Jackson’s bond rating and Fitch Ratings downgraded Mississippi’s credit rating, while Moody’s lowered the state’s credit outlook to negative. Hinds County Board of Supervisors’ President Darrel McQuirter says those ratings changes were a contributing factor to the county’s downgrading.

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Information from: The Clarion-Ledger, https://www.clarionledger.com